Merger-bound Tullow sees ‘significant upside’ to key oil field

Tullow Oil chief executive Rahul Dhir said that the company has identified"significant upside” to the current 2025 target for its key TEN field off the coast of Ghana.Tullow Oil said on Wednesday that it sees “significant upside” to its current production target for a key oil field off the coast of Ghana, as the Irish-founded company continues to prepare for a merger with Capricorn Energy.

Tullow, led by chief executive Rahul Dhir, said in a trading statement that it now has “identified significant upside” to the current 2025 target for the TEN field. “A development concept is currently being finalised for the project, with detailed engineering expected to start later this year,” Mr Dhir said.

The £1.4 billion tie-up plan with UK-based Capricorn, announced at the start of June, would see Tullow shareholders take 53 per cent of the larger entity. It would combine Capricorn’s $700 million-plus net cash position with Tullow’s $2.1 billion net debt, speeding up a decline in the latter’s borrowings, which stood at more than $3 billion in the middle of 2020.

Edinburgh-based Capricorn shareholder Legal & General Investment Management , which owns almost 4 per cent of the business, and Kite Lake Capital Management, which owns about 4.6 per cent, have come out against the tie-up, saying it is skewed to benefit Tullow shareholders more.

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